Core Viewpoint - The company has reported significant revenue growth and profitability improvements in its interim results, driven by successful commercialization of its product pipeline and strategic partnerships in the oncology sector [1][2][3] Financial Performance - The company achieved revenue of RMB 466 million, a year-on-year increase of 249.59% [1] - Profit attributable to owners was RMB 41.75 million, compared to a loss of RMB 192 million in the same period last year [1] - Basic earnings per share were RMB 0.02 [1] - Revenue from MRG007 licensing was RMB 309 million, up from RMB 20.7 million in the same period last year [1] - Sales of Puyuheng (Petrilizumab injection) generated RMB 151 million, a significant increase of 58.8% compared to RMB 94.8 million in the previous year [1] - Revenue from CDMO services was RMB 6.3 million, down from RMB 17.8 million in the same period last year [1] Product Pipeline and Development - The company has strategically developed multiple oncology product pipelines, including one candidate drug in the clinical/commercialization stage and nine in clinical stages [2] - Among the nine clinical candidates, seven are targeted therapies and two are immunotherapies [2] - MRG003 has received FDA designations including BTD, ODD, and FTD for treating NPC [2] - MRG002 and CMG901 have also received FDA designations for their respective indications [2] - The company is focused on building and developing new technology platforms as part of its innovation strategy [2] Commercialization Strategy - The company aims to commercialize its product pipeline in China through a professional sales and marketing team while expanding into international markets via strategic partnerships [3] - Puyuheng has completed the commercialization process and is experiencing rapid sales growth [3] - CMG901's global rights have been licensed to AstraZeneca, and MRG007's rights outside Greater China have been licensed to ArriVent [3] - The company has established end-to-end commercialization capabilities in the domestic market and is positioning itself as a global biotech company [3]

Core Viewpoint - Colun Biotechnology reported a 31.3% year-on-year decline in revenue for the first half of the year, with a net loss of 145 million yuan, both figures better than market expectations [1] Group 1: Financial Performance - The company's product sales amounted to 310 million yuan, primarily driven by sac-TMT, with an expansion into second-line non-small cell lung cancer (NSCLC) expected to accelerate sales growth in the second half of the year [1] - The sales forecasts for Colun Biotechnology for 2025 to 2027 have been adjusted upwards by 5.3%, 2.7%, and 2.3% respectively, while net profit forecasts have been adjusted downwards by 20.2% and then upwards by 34.2% and 21.9% for the same period [1] Group 2: Clinical Developments - Colun Biotechnology is set to present third-phase clinical data for sac-TMT in second-line NSCLC and second-line HR+ HER2- breast cancer at the 2025 European Society for Medical Oncology (ESMO) annual meeting [1] - Multiple third-phase trials covering first-line NSCLC and triple-negative breast cancer (TNBC) are expected to yield results next year [1] Group 3: Analyst Ratings - The target price for Colun Biotechnology has been raised from 328.4 HKD to 500.6 HKD, with a reaffirmation of the "outperform" rating [1]

Group 1 - The core point of the news is that SysImmune's Iza-Bren (BL-B01D1) has received breakthrough therapy designation from the FDA for treating advanced or metastatic NSCLC patients with specific EGFR mutations who have previously undergone EGFR-TKI and platinum-based chemotherapy [1] - The breakthrough therapy designation is based on clinical trial data from studies BL-B01D1-101, BL-B01D1-203, and BL-B01D1-LUNG-101, which indicate improved efficacy and manageable safety in patients with EGFRmt NSCLC after prior treatments [1] - The company has initiated over 40 clinical studies for Iza-Bren, with significant upcoming data releases expected at the WCLC and ESMO conferences in September-October 2025 [2] Group 2 - The company aims to become a multinational corporation (MNC) with global capabilities, having established key pillars in early research, clinical development, and production supply [3] - The revenue forecasts for the company are projected at 2.018 billion, 2.035 billion, and 2.541 billion yuan for the years 2025, 2026, and 2027 respectively, maintaining a "buy" rating for the stock [3]

Investment Rating - The report maintains a "Buy" rating for the company, with target prices adjusted to $18 for US shares and HK$28 for Hong Kong shares, reflecting a potential upside of 10% and 19% respectively [8][20]. Core Insights - The company's revenue from three core products significantly underperformed expectations in the first half of 2025, primarily due to intensified competition in the Chinese market. Consequently, the annual revenue guidance for the oncology segment has been revised downward [1][5]. - The report highlights that the overall oncology revenue for 1H25 was $143 million, down 14.9% year-over-year and 26.3% quarter-over-quarter, which was below both the report's and market expectations [5][8]. - The company is expected to achieve a revenue range of $127 million to $207 million in the second half of 2025, with management expressing confidence in potential sales growth due to new approvals and market penetration [5][8]. Financial Performance Summary - The company reported a net profit of $455 million in 1H25, which was slightly better than expectations, primarily due to cost savings in R&D and administrative expenses [5][8]. - Revenue projections for 2025, 2026, and 2027 have been adjusted to $575 million, $657 million, and $794 million respectively, reflecting a year-over-year decline of 8.8% in 2025, followed by growth in subsequent years [9][11]. - The report indicates that the company is considering introducing external oncology assets to enhance its pipeline, leveraging its strong cash reserves [7][8]. Market Expectations - The report outlines optimistic and pessimistic scenarios for the company's future performance, with target prices of $25 and $10 under different market conditions [24][30]. - The potential catalysts for the next 12 months include new drug approvals and submissions, which could significantly impact revenue growth [7][8].

Core Viewpoint - The company, BeiGene, reported significant growth in its financial performance for the first half of 2025, with total revenue reaching RMB 17.52 billion, a 46% increase year-over-year, driven by strong sales of its proprietary products and collaborations [1][6]. Financial Performance - Total revenue for the first half of 2025 was RMB 17,518,269, compared to RMB 11,996,406 in the same period last year, marking a 46.0% increase [1]. - Product revenue accounted for RMB 17,360,163, up 45.8% from RMB 11,907,783 year-over-year [1]. - The company achieved a net profit attributable to shareholders of RMB 261,105, a significant recovery from a net loss of RMB 3,124,740 in the previous year [1]. - Basic earnings per share improved to RMB 0.32 from a loss of RMB 2.12 [1]. - Total assets increased by 4.8% to RMB 44,872,354, while equity attributable to shareholders rose by 11.1% to RMB 26,856,000 [1]. Product Performance - The growth in product revenue was primarily driven by the sales of the self-developed drug, Brukinsa (Zebutinib), and the licensed product from Amgen, as well as the sales of Tislelizumab (百泽安) [1][6]. - Sales in the U.S. reached RMB 8.96 billion, a 51.7% increase, attributed to strong demand across all indications and favorable net pricing [1]. - European sales totaled RMB 1.92 billion, up 81.4%, due to increased market share in major European markets [1]. - In China, sales reached RMB 1.19 billion, a 36.5% increase, driven by new indications being included in medical insurance [1]. Clinical Development - The company is advancing its pipeline with a focus on rapid clinical concept validation, supported by a global R&D team of over 3,700 [3]. - The company has the largest oncology research team in the industry and is working on multiple innovative platforms, including antibody-drug conjugates and multi-specific antibodies [3]. - Key clinical trials are ongoing for drugs like Sonrotoclax and BGB-16673, with plans for significant milestones in the next 18 months [4][5]. Corporate Developments - The company has officially changed its English name to BeOne Medicines Ltd. and relocated its registered office from the Cayman Islands to Switzerland [6].

Financial Data and Key Metrics Changes - Revenue reached $1.3 billion in Q2 2025, representing a 42% year-on-year growth [5][17] - GAAP earnings per ADS grew by $2 compared to Q2 of the previous year [5] - Free cash flow generated in Q2 was $220 million, an increase of over $400 million year-on-year [5] - Gross margin improved to approximately 87% from 85% in the prior quarter [21] - Non-GAAP net income reached $253 million, reflecting an increase of $230 million compared to the previous year [23] Business Line Data and Key Metrics Changes - Brukinza global revenues were $950 million, growing 49% year-on-year, driven by strong performance across all geographies [17] - Tovembra reported a 22% increase in revenue, reflecting continued market leadership in China [19] - In-licensed products showed continued strength, growing 27% year-on-year [19] Market Data and Key Metrics Changes - The US market generated $685 million with a year-on-year growth of 43% [20] - China revenue totaled $429 million, a 23% increase [20] - Europe contributed $152 million with 87% year-on-year growth [20] - Rest of world markets grew by 168% driven by market expansions and new launches [20] Company Strategy and Development Direction - The company aims to maintain leadership in the hematology franchise and expand its solid tumor pipeline [6][15] - Plans to combine assets in multiple phase three trials to improve outcomes for CLL patients [15] - The company is focused on serial innovation in CLL and aims to build a deep pipeline across various disease areas [27][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term market leadership for Brukinza despite competitive pricing pressures [18] - The company anticipates stable pricing for the remainder of the year [46] - Future impacts from potential US tariffs are expected to be manageable within the context of the P&L [73] Other Important Information - The company is preparing for the initial global approval of Sonro and anticipates pivotal data for its BTK CDAC by 2026 [15] - The tablet formulation of Brukinza is expected to achieve a lower cost of goods and improve patient convenience [24] Q&A Session Summary Question: Update on Brukinza's US net pricing and inventory changes - Management anticipates stable pricing for the remainder of the year and has no significant inventory levels to comment on [46][47] Question: Reaction to Bruin CLL 314 data for PERTO versus IMBRUVICA - Management noted that the OR superiority was not formally tested and emphasized the importance of PFS data [48][49] Question: Delay in starting the second line phase three trial for CDK4 - Management stated that the delay is modest and aims to let data mature for better dose level selection [53] Question: Impact of US tariffs on gross margin - Management indicated that current guidance contemplates known tariffs and that impacts have been mitigated through supply chain strategies [73] Question: Specifics on access to Brukinza and revenue mix - Management confirmed that Brukinza continues to be listed on all Medicare Part D formularies and access is strong [99][100]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Antengene Corporation Limited 希維奧®是世界首款獲批准的核輸出蛋白口服選擇性XPO1抑制劑。其具有新穎的 作用機制，在聯合治療中具有協同作用，快速起效，且反應持久。 （股份代號：6996） 自願公告 希維奧®在中國獲批用於多發性骨髓瘤的二線治療 本公告由德琪醫藥有限公司（「本公司」，連同其附屬公司統稱為「本集團」）自願 作出，以向本公司股東及有意投資者提供有關本集團的最新業務發展資料。本 公司董事（「董事」）會（「董事會」）欣然宣佈，中國國家藥品監督管理局(NMPA) 已批准希維奧® （塞利尼索）（與硼替佐米和地塞米松(XVd)聯用）用於治療既往接 受過至少一種治療的多發性骨髓瘤(MM)成年患者，這是希維奧®的一種新適應症。 承董事會命 德琪醫藥有限公司 董事長 梅建明博士 香港，2025年7月28日 於本公告日期，董事會包括執行董事梅建明博士及龍振國先生；及獨立非執行董 ...

Core Viewpoint - The company will present the latest research results of its self-developed products DZD8586 and DZD6008 at the 2025 American Society of Clinical Oncology (ASCO) conference [1] Group 1: Product DZD8586 - DZD8586 is aimed at treating B-cell non-Hodgkin lymphoma, with a focus on chronic lymphocytic leukemia/small lymphocytic lymphoma [1] - The efficacy and safety of DZD8586 will be showcased, particularly through a summary analysis included in an oral presentation [1] Group 2: Product DZD6008 - DZD6008 is a novel, highly selective epidermal growth factor receptor (EGFR) tyrosine kinase inhibitor [1] - The product targets EGFR-mutant non-small cell lung cancer patients who have undergone multiple lines of treatment, including third-generation EGFR TKIs [1] - Positive research results for DZD6008 will be presented for the first time [1]